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From October 1, real estate agents in Victoria must publish final sale prices and reserve amounts within seven days of a transaction, retaining the data for 18 months. While the law promises greater transparency for buyers, many industry players question how off‑market sales and publication venues are addressed. Experts warn that further clarification is needed.
Home buyers and sellers in Victoria are feeling confused and frustrated as new state laws aimed at increasing transparency in the residential property market take effect on Thursday.
Beginning October 1, real estate agents will be legally required to disclose the sale price of any property within seven days of the transaction, and keep that information publicly available for a minimum of 18 months. The mechanism for publishing this data is the Property Price Statement, which will replace the existing Statement of Information used by land tax assessors.
Off Market Sales Remain Unclear
The legislation also establishes that agents must report sale prices to the director of Consumer Affairs Victoria by December 1, 2027. However, commentators and industry insiders point out a significant loophole: whether the disclosure requirements apply to off‑market sales, which are not listed on mainstream property portals and are common practice for higher‑priced homes.
The drive behind the new rules is to level the playing field for buyers who have historically struggled to determine whether a listing price is realistic or inflated. Until now, a sizeable proportion of recently sold properties were attributed a "withheld" or "contact agent" status, leaving investors and prospective homeowners without reliable data to benchmark cost trends in their local neighbourhood.
The legislation mandates that sellers provide the actual sale price to the public, and that auction reserves be disclosed a week before the event from October 16. The government describes the objective as "improving price transparency so the buyer can compare the initial estimate or reserve price with the final realised price," while penalties for non‑compliance are set to exceed $48,842 and may even lead to the forfeiture of a commission.
Agents Doubt Disclosure Venue
Despite the clear intent, many real estate professionals are uncertain about the correct venue for making the disclosure, particularly when a property is sold off‑market. Marshall White Group sales director John Bongiorno expressed scepticism, suggesting that the firm may purposely publish a list of sales on its own website until the rules are clear: "That's a good question - we will probably just publish a list of sales on our website," he told a reporter.
David Morrell, a buyer's agent specialising in high‑end properties, noted that around 90 per cent of sales valued at $5 million and above take place off‑market, and he believes the new laws do not apply to these transactions. He stated, "For off‑market sales, you don't actually have to publish - the law doesn't apply to off‑market.
" Government liaison and shadow spokeswoman Jade Benham has repeatedly asked for clarification on how off‑market deals fit into the disclosure framework and has received no response. "They haven't addressed it with me, it's also a question where I asked, and we are in a market that we see more off‑market deals happening than ever," Benham said. She also highlighted her belief that the most effective consumer protection currently lies in the open nature of auction processes.
Institute Clarifies Legal Obligations
The Real Estate Institute of Victoria, represented by chief executive Toby Balazs, argues that the legislation does not mention advertising channels, merely that sale prices must be made available freely and publicly. Balazs pointed out that once a contract is signed between buyer and seller, a disclosure requirement is triggered, regardless of whether the sale was conducted on a big property platform or through a private transaction.
"You would think it'd be one of the big property platforms, an REA or a Domain, but it doesn't stipulate - it says 'freely and publicly available'," he said. He concluded that further clarification from government authorities is necessary to align the new laws with industry practices and to prevent the emergence of a "behind closed doors" market. In summary, the new Victorian sale price disclosure regulations aim to empower buyers with accurate market data.
The upcoming legal requirements will force agents to publish confirmed sale prices and auction reserves, potentially curbing under‑quoting practices that have long obscured true property values. Yet the lack of clarity on off‑market sales, the venue for public disclosure, and enforcement protocols signals an urgent need for the state government to provide definitive guidance. Until then, real estate agents and potential buyers may continue to navigate an environment of grey‑area practices and incomplete transparency.
Victorian Property Law Sale Price Disclosure Off‑Market Sales Real Estate Transparency Buyer Protection
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